top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Creditor Objections to Discharge, Part I (how likely are they to object?)

Collapse
This topic is closed.
X
This is a sticky topic.
X
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • HHM
    replied
    Lying about your income is one thing, changing one # in the SSN is another. You do not want to do the later as that will more than likely put a fraud alert on your Credit Report (I have seen it done), because the name and SSN do not match (note, you are receiving the credit card offer because the bank pulled your credit report, and guess what number is on the credit report).

    But yes, technically, lying on your credit app is grounds for an objection, but I have never seen it actually used by a creditor to object.

    Leave a comment:


  • amf
    replied
    how long the credit cards keep your application;what if you lie on the application about your income or you change one #from social security;can be problem in the BK;

    Leave a comment:


  • gymbo
    replied
    Geez!

    WOW Heyu! That's quite a rollercoaster! Best of luck to you. Focus on the new baby - that's awesome! Even without the 6 figure income! Good luck.

    Leave a comment:


  • JRScott
    replied
    Sorry noone has posted back here, sounds like a tough situation new.

    Try not to panic.

    It is true that it is best to wait 6 months. However if you can't afford the minimums send less but send something so that you can prove you attempted to make some payments. Try to send at least 2 payments at minimum if you can. After that cut it loose and wait the full 6 months to file. I think you'll be okay.

    Leave a comment:


  • newstart4me
    replied
    I know denial is not a river in Egypt, but that's where I've been living for years...

    Thank you in advance for your input! Let me also apologize for rambling. I've been up all night reading and fretting. I am 'doing my homework', I have a credit counseling appointment next week, and I am reading/studying Nolo's downloadable book (better than carrying around book w/bk on the cover). Just before I got the guts to search for a bk forum, I did a balance transfer for $3500 from one of my credit cards into my checking account.#%!* I did this to keep me afloat literally. If I understand the info I've read here, I need to wait 6 mos. to be on the safe side before I file, and I need to make minimum payments on that card at least. I am an unemployed teacher in California where many teachers who had contracts were pink slipped because of severe cuts in the budget. Even substitute teaching jobs severely dropped off in all three districts I have been working in this year. I am not eligible for unemployment benefits in my situation. I have a time share I cannot afford to keep (much less use), so I am looking into selling that. I have been applying for the few jobs that have been posted in this area (me and all the other pink slipped teachers), as well as jobs out of state. I literally have nothing left to live on. I do have credit cards, but don't want to get into more debt. My back is against the wall. I let my guilt, fear and pride prevent me from looking into bk because of the stigma. My older sister went through it and my father was/is so critical of her because of it. He's pretty critical of everyone in his own family come to think of it... If I have no source of income other than the balance transfer I just did and the pennies I will be able to earn in the one year round district in the area when they start the new year next week, the minimum payments will gobble that up in no time. If I quit paying the minimums on all the credit cards but the one I just did the balance transfer from, won't the interest rate go up and the late fees start to accumulate? I have a car that I'm leasing w/o any other vehicles to use for transportation to sub and hopefully to get to interviews. (The lease ends in May.) What are the pros and cons of continuing to make payments on it? I haven't been to the dentist for several years (since I had my last teaching contract in 2005), and I have a crown that's been loose for months. I'm afraid I'll need a root canal as it is. Is it advisable to go to a dentist and not pay? I have stripped myself down to bare bones on everything in my life. The concept of a 'normal life' has been history for me for quite some time. No luxury expenditures here but organic yogurt! I have read many of the posts here, and am pretty new to forums. I apologize if I posted too much, in the wrong place, etc... Thank you for your insight and feedback. Two other quick questions before I stop: 1. How do you apply for the fee waiver to file? & 2. Is it a good idea to call creditors before you stop paying and give them a P.O. Box so that other people you live with won't see the nasty collection letters, etc... Thanks a million $$$(LOL).
    Last edited by HHM; 07-05-2008, 07:57 AM.

    Leave a comment:


  • newstart4me
    replied
    I'm a little confused...

    "Also, there is a 90 day period for PT's."



    What does that statement mean? Does it mean that the trustee will only look at PT's that occurred 90 days prior to when you file? I'm reading/studying a book mentioned on this board about the Ch. 7 BK process, but this is a new planet for me. Thank you for your extremely helpful posts, and the clarification on the above statement!

    Leave a comment:


  • stacykv
    replied
    did you have your creditors mtg yet at if so what was it like?

    Leave a comment:


  • HHM
    replied
    You are right...for that amount not much is going to happen.

    As far as them finding out, (1) they could ask you at the 341 meeting, in which you will be under oath (2) if you deposited the money in your bank, they merely have to look at your bank records.

    But in any event, borrowing money with the intent to not pay it back is FRUAD, but will you get dinged for $700, probably not.
    Last edited by HHM; 04-05-2008, 09:38 AM.

    Leave a comment:


  • mackdriver
    replied
    Originally posted by cindylynnsmith View Post
    One of our members, Majormike, purchased gift cards (though in larger amounts) but they were considered luxury purposes by the credit card company. The company has objected to the discharge of that debt.
    maybe you dont understand.

    I said make a CASH ADVANCE. what you do with the money after that doesnt matter... its a bulk cash advance.

    Like they are really going to go investigate what I did after I got that cash, how would they even go about that... its 700... you are joking right. It would cost 10 times that to hirer someone to try and garner my records and investigate where every last cent was..

    and for what? to object to 700..

    Leave a comment:


  • lrprn
    replied
    Originally posted by cindylynnsmith View Post
    HHM, don't forget to make this a sticky!!!
    Done

    Leave a comment:


  • CindyLou
    replied
    HHM, don't forget to make this a sticky!!!

    Leave a comment:


  • CindyLou
    replied
    Originally posted by mackdriver View Post
    Wow, great post.

    Few quick questions for you if you don't mind.

    Are those finite limits? $500 luxury, $750 cash advance. Meaning must the charges have met those specific parameters before an objection can or would be instituted?

    I will give you an example, suppose a cash advance of $745 was made. Does that now become "safe" for lack of a better word? Would it still be prudent to wait the obligatory 70 days, or can I file a week or two after that without worrying? I am feeling sorta unconcerned because why even put dollar amounts on it if it were something they would object to. If they had the ability to object at any price point, I assume they would. The fact that their seems to be a tier of sorts insinuates they have no say in anything below that amount.

    Second question, If I make a cash advance(lets use the example above of $745), and with the cash advance I buy a Prepaid debit card and then from their make what might be referred to as "luxury" purchases... Would that still fall under the cash advance policy since I technically first initiated movement on the funds in that matter?

    Thanks for all your great advice.
    One of our members, Majormike, purchased gift cards (though in larger amounts) but they were considered luxury purposes by the credit card company. The company has objected to the discharge of that debt.

    Leave a comment:


  • sharksfan
    replied
    Originally posted by HHM View Post
    (a). I assume you mean make $5,000 in payments to THAT creditor to whom you charged the $4,000.
    If that is what you mean, then if you wait the 90 days, you should be ok. But the example is nonsensical, if you can afford to make $5,000 worth of payments to this creditor, why would you "charge" $4,000...why not simply use the cash to buy whatever it is you needed.
    I'm saying that the charges/payments occur WITHIN 90 days of filing.

    I get your point using cash instead of charging.

    check you PM...

    Leave a comment:


  • HHM
    replied
    Are those finite limits? $500 luxury, $750 cash advance. Meaning must the charges have met those specific parameters before an objection can or would be instituted?
    For the "per se" rules, yes, those amounts are fixed. If you have charges less than those amounts even within the 70/90 day period, the creditor would not prevail on an objection using the per-se rules, section 523(a)(2)(C)(i) and (ii).

    However, lets be clear, borrowing money without the intent to pay it back is Fraud, nine ways to Sunday. Maybe I misread your post mackdriver, but the intent of this forum is not to help someone intentionally defraud the system, but instead to maximize a person's chances of having a successful BK.
    Last edited by HHM; 03-31-2008, 08:15 AM.

    Leave a comment:


  • HHM
    replied
    Originally posted by sharksfan View Post
    Are payments taken into consideration when looking at the "aggregate" amounts?

    Say, for example...

    One charges a combined amount of $4000 over the past 90 days to one creditor. For this example lets assume it is mostly all luxury in nature. During this same time, said debtor makes $5000 in payments.

    1) Can/how likely/will the creditor still object to the $4000?
    2) How would the courts likely rule on an objection in this case?
    (a). I assume you mean make $5,000 in payments to THAT creditor to whom you charged the $4,000.
    If that is what you mean, then if you wait the 90 days, you should be ok. But the example is nonsensical, if you can afford to make $5,000 worth of payments to this creditor, why would you "charge" $4,000...why not simply use the cash to buy whatever it is you needed.

    Leave a comment:

bottom Ad Widget

Collapse
Working...
X
porno izle